164K jobs added, private sector thrives with growing annual pay.

Private sector employers added 164,000 jobs in December, with small businesses gaining 74,000, medium establishments adding 53,000, and large establishments with 500 or more employees gaining 40,000 jobs. The service-providing sector added the majority of the jobs, including 1,000 in professional and business services. Annual pay growth for those who stayed in their jobs increased 5.4% in December. The rate of growth for job changers was 8.0%. The ADP chief economist noted that job growth was weak in the information and professional and business services industries. The goods-producing sector added 9,000 jobs, mainly in construction. The rate of pay growth for job stayers in professional and business services was 5.2%. The ADP economist expects relief for workers and employers in 2024 as inflation decreases and wage growth remains steady.